Indonesian property prices, rents seen coming under pressure

A 20 per cent luxury tax on new apartments sold off plan will be levied on any property worth more than 1.5 billion rupiah (S$158,500).

PHOTO: BLOOMBERG

Jakarta

PLANS to expand a luxury tax on new apartments in Indonesia and a flood of office space will weigh heavily on rents and property prices in the coming months, bringing to an end - at least for now - some of the region's more spectacular gains.